B. A VAT registered business provided us its data in 2021: Gross Sales Price on the following items: a. Sales of Merchandise b. Merchandise given to creditors in payment of debts c. Property Dividend to stockholders d. Goods taken by the owner of personal use Purchases and payments for the period: a. Purchases of merchandise b. Payment of PLDT c. Purchase of furniture (VAT included) d. Security Guard Services (non-VAT business) Required: Compute the VAT Payable. P 440,000 28,160 33,000 17,600 P 165,000 1,980 2,000 5,000
B. A VAT registered business provided us its data in 2021: Gross Sales Price on the following items: a. Sales of Merchandise b. Merchandise given to creditors in payment of debts c. Property Dividend to stockholders d. Goods taken by the owner of personal use Purchases and payments for the period: a. Purchases of merchandise b. Payment of PLDT c. Purchase of furniture (VAT included) d. Security Guard Services (non-VAT business) Required: Compute the VAT Payable. P 440,000 28,160 33,000 17,600 P 165,000 1,980 2,000 5,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
[B] Instructions: Compute for the required item (refer to the photo below) using a yellow ruled sheet. (Show solution)
![B. A VAT registered business provided us its data in 2021:
Gross Sales Price on the following items:
P 440,000
28,160
33,000
17,600
a. Sales of Merchandise
b. Merchandise given to creditors in payment of debts
c. Property Dividend to stockholders
d. Goods taken by the owner of personal use
Purchases and payments for the period:
P 165,000
1,980
2,000
5,000
a. Purchases of merchandise
b. Payment of PLDT
c. Purchase of furniture (VAT included)
d. Security Guard Services (non-VAT business)
Required: Compute the VAT Payable.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F4f8d1dcf-94f6-40c6-8bb2-86020187d201%2Fc35f06ea-643f-4aff-8ebe-56055af5dbc6%2Fkqtol1_processed.png&w=3840&q=75)
Transcribed Image Text:B. A VAT registered business provided us its data in 2021:
Gross Sales Price on the following items:
P 440,000
28,160
33,000
17,600
a. Sales of Merchandise
b. Merchandise given to creditors in payment of debts
c. Property Dividend to stockholders
d. Goods taken by the owner of personal use
Purchases and payments for the period:
P 165,000
1,980
2,000
5,000
a. Purchases of merchandise
b. Payment of PLDT
c. Purchase of furniture (VAT included)
d. Security Guard Services (non-VAT business)
Required: Compute the VAT Payable.
Expert Solution
![](/static/compass_v2/shared-icons/check-mark.png)
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 3 steps
![Blurred answer](/static/compass_v2/solution-images/blurred-answer.jpg)
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
![FINANCIAL ACCOUNTING](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9781259964947/9781259964947_smallCoverImage.jpg)
![Accounting](https://www.bartleby.com/isbn_cover_images/9781337272094/9781337272094_smallCoverImage.gif)
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
![Accounting Information Systems](https://www.bartleby.com/isbn_cover_images/9781337619202/9781337619202_smallCoverImage.gif)
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
![FINANCIAL ACCOUNTING](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9781259964947/9781259964947_smallCoverImage.jpg)
![Accounting](https://www.bartleby.com/isbn_cover_images/9781337272094/9781337272094_smallCoverImage.gif)
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
![Accounting Information Systems](https://www.bartleby.com/isbn_cover_images/9781337619202/9781337619202_smallCoverImage.gif)
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
![Horngren's Cost Accounting: A Managerial Emphasis…](https://www.bartleby.com/isbn_cover_images/9780134475585/9780134475585_smallCoverImage.gif)
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
![Intermediate Accounting](https://www.bartleby.com/isbn_cover_images/9781259722660/9781259722660_smallCoverImage.gif)
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
![Financial and Managerial Accounting](https://www.bartleby.com/isbn_cover_images/9781259726705/9781259726705_smallCoverImage.gif)
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education